The Manufacturers Life Insurance Company Sells 2,337 Shares of RenaissanceRe Holdings Ltd. (NYSE:RNR)

The Manufacturers Life Insurance Company trimmed its holdings in RenaissanceRe Holdings Ltd. (NYSE:RNR) by 5.0% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,150 shares of the insurance provider’s stock after selling 2,337 shares during the quarter. The Manufacturers Life Insurance Company owned about 0.09% of RenaissanceRe worth $12,026,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. ORG Wealth Partners LLC acquired a new stake in shares of RenaissanceRe in the third quarter valued at approximately $30,000. Blue Trust Inc. bought a new position in shares of RenaissanceRe in the 2nd quarter valued at about $27,000. UMB Bank n.a. grew its position in shares of RenaissanceRe by 316.7% during the 3rd quarter. UMB Bank n.a. now owns 125 shares of the insurance provider’s stock worth $34,000 after buying an additional 95 shares during the period. V Square Quantitative Management LLC bought a new stake in shares of RenaissanceRe during the second quarter worth approximately $31,000. Finally, Advisors Asset Management Inc. bought a new position in RenaissanceRe in the third quarter valued at approximately $45,000. Institutional investors and hedge funds own 99.97% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on RNR. Barclays initiated coverage on RenaissanceRe in a research report on Wednesday, September 4th. They issued an “equal weight” rating and a $287.00 price target on the stock. StockNews.com lowered RenaissanceRe from a “buy” rating to a “hold” rating in a research report on Tuesday, October 22nd. Keefe, Bruyette & Woods cut their price target on shares of RenaissanceRe from $316.00 to $310.00 and set an “outperform” rating on the stock in a research report on Tuesday, November 12th. JPMorgan Chase & Co. lifted their price objective on shares of RenaissanceRe from $274.00 to $280.00 and gave the stock a “neutral” rating in a research note on Thursday, November 7th. Finally, Citigroup upped their target price on shares of RenaissanceRe from $262.00 to $298.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat, RenaissanceRe currently has a consensus rating of “Hold” and a consensus target price of $293.00.

RenaissanceRe Price Performance

Shares of NYSE RNR opened at $287.47 on Tuesday. The company has a fifty day moving average price of $270.90 and a 200 day moving average price of $247.06. RenaissanceRe Holdings Ltd. has a 1-year low of $188.24 and a 1-year high of $300.00. The firm has a market cap of $14.93 billion, a PE ratio of 4.09, a PEG ratio of 1.40 and a beta of 0.39. The company has a current ratio of 1.43, a quick ratio of 1.43 and a debt-to-equity ratio of 0.18.

RenaissanceRe (NYSE:RNR) last announced its earnings results on Wednesday, November 6th. The insurance provider reported $10.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.89 by $2.34. RenaissanceRe had a return on equity of 26.31% and a net margin of 28.84%. The business had revenue of $2.16 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the firm earned $8.33 EPS. RenaissanceRe’s revenue for the quarter was up 52.1% compared to the same quarter last year. Research analysts predict that RenaissanceRe Holdings Ltd. will post 41.94 earnings per share for the current fiscal year.

RenaissanceRe Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 31st. Investors of record on Friday, December 13th will be issued a dividend of $0.39 per share. This represents a $1.56 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend is Friday, December 13th. RenaissanceRe’s payout ratio is 2.25%.

Insider Activity at RenaissanceRe

In related news, EVP David E. Marra sold 1,000 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $279.00, for a total transaction of $279,000.00. Following the completion of the transaction, the executive vice president now directly owns 82,044 shares of the company’s stock, valued at approximately $22,890,276. This represents a 1.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.

RenaissanceRe Profile

RenaissanceRe Holdings Ltd., together with its subsidiaries, provides reinsurance and insurance products in the United States and internationally. The company operates through Property, and Casualty and Specialty segments. The Property segment writes property catastrophe excess of loss reinsurance and excess of loss reinsurance to insure insurance and reinsurance companies against natural and man-made catastrophes, including hurricanes, earthquakes, typhoons, and tsunamis, as well as winter storms, freezes, floods, fires, windstorms, tornadoes, explosions, and acts of terrorism; and other property class of products, such as proportional reinsurance, property per risk, property reinsurance, binding facilities, and regional U.S.